Gold, Silver End Lower in Light Trading

by CoinNews.net on November 11, 2013 · 0 comments

Five layered gold bars

Gold, silver and other precious metals started the new week lower in thin trading action due to the Veterans Day holiday.

Gold for December delivery shed $3.50, or 0.3%, to finish at $1,281.10 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,278.10 to a high of $1,288.80. The settlement price was the weakest since Oct. 15.

Comex gold prices ended the U.S. day session modestly lower in quiet dealings Monday," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note. "The Armistice and Veterans Day holidays in Europe and the U.S. Monday squelched market activity. The U.S. government was closed on Monday and no U.S. economic data was released."

Last week, gold prices registered a 2.2% decline.

Falling for the seventh time in eight sessions, silver for December delivery dipped 4 cents, or 0.2%, to settle at $21.28 an ounce. The white metal traded from $21.23 to $21.45. Silver prices retreated 2.4% last week.

In PGM futures prices on Monday:

  • January platinum declined $10.50, or 0.7%, to $1,432.40 an ounce, ranging from $1,425.30 to $1,446.30.

  • Palladium for December delivery lost $3.35, or 0.4%, to $754.55 an ounce, trading between $746.30 and $762.20.

Last week, the two metals divided with platinum off 0.6% and palladium up 2.7%.

London Fix Precious Metals

London bullion fixings extended their losses from Friday. In contrasting Friday PM to Monday PM London fix prices:

  • Gold slid $3, or 0.2%, to $1,282.50 an ounce,
  • Silver fell 31 cents, or 1.4%, to $21.40 an ounce,
  • Platinum declined $16, or 1.1%, to $1,430 an ounce, and
  • Palladium lost $8, or 1.1%, to $749 an ounce

Last week, palladium soared 2.7% but the other precious metals logged declines of 1.6% for gold, 0.2% for silver and 0.5% for platinum.

US Mint Bullion Sales in November

The U.S. Mint was closed on Monday for the holiday. U.S. Mint bullion sales through last week, the month-to-date and the year-to-date are listed below.

American Eagle and Buffalo Bullion Sales (# of coins)
Monday / Week-To-Date Sales Last Week November Sales YTD Sales
$50 American Gold Eagle Bullion Coins 0 7,500 10,500 656,500
$25 American Gold Eagle Bullion Coins 0 0 0 56,000
$10 American Gold Eagle Bullion Coins 0 4,000 4,000 118,000
$5 American Gold Eagle Bullion Coins 0 5,000 5,000 505,000
$50 American Buffalo Gold Bullion Coins 0 1,000 1,000 219,000
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 0 26,200
Great Basin 5 oz. Silver Bullion Coins 0 0 0 27,200
Fort McHenry 5 oz. Silver Bullion Coins 0 1,000 1,000 29,200
Mount Rushmore 5 oz. Silver Bullion Coins 0 6,000 6,000 6,000
American Silver Eagle Bullion Coins 0 500,000 500,000 39,675,000

 

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